Wormhole Protocol Launches with $3 Billion Market Cap
The cross-chain messaging protocol, Wormhole (W), made a notable entrance with a $3 billion market cap.
Major exchanges like Binance, OKX, Bitget, Backpack, and WOO X announced support for W. An airdrop followed, distributing 617.3 million W tokens to over 400,000 eligible wallets.
Eligibility included users with wallets on various chains and members of the Wormhole Discord group.
With a Solana-based debut, W’s market cap stood at $2.97 billion, with plans to incorporate Ethereum’s ERC-20 functionality post-launch.
Token allocation focuses on guardian nodes, community, core contributors, ecosystem, strategic network participants, and the foundation treasury.
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Initially, 82% of tokens will be locked for four years to ensure long-term success and decentralization.
W will launch as a native Solana SPL token, later enabling ERC-20 functionality through Wormhole’s Native Token Transfers (NTT) for seamless transfers across connected networks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
